Tembo Gold Corp. Completes C$280,000 Non-Brokered Private Placement with NAMF

Tembo Gold Corp. (TSX VENTURE:TEM)(FRANKFURT:T23) ("Tembo" or the "Company") is
pleased to announce that it has issued 2,800,000 units (the "Units") of the
Company at a price of C$0.10 per Unit for aggregate gross proceeds of C$280,000
pursuant to its previously announced private placement (the "Financing") in the
news release dated January 2, 2014. 


Each Unit consists of one common share of the Company and one common share
purchase warrant (a "Warrant"). Each Warrant is exercisable for one common share
of the Company ("Common Share") until January 9, 2017 at an exercise price of
C$0.12. 


As previously indicated, the investors who subscribed for Units under the
Financing were NAMF II (Mauritius) Limited as to C$218,400 and NAMF II South
Africa Partnership as to C$61,600 (collectively, "NAMF"). NAMF is currently an
insider of the Company and as a result the Financing is considered a "related
party transaction" for the purposes of Multilateral Instrument 61-101 ("MI
61-101"). However, the Financing is not subject to the minority approval and
valuation requirements under MI 61-101 as there is an applicable exemption from
these requirements as neither the fair market value of the subject matter, nor
the fair market value of the consideration, for the Financing, insofar as it
involves the interested parties, exceeds 25% of Tembo's market capitalization. 


NAMF now collectively owns 37,800,000 Common Shares or approximately 30.1% of
the outstanding Common Shares on a non-diluted basis. NAMF also own 37,800,000
Warrants and if exercised an aggregate of 75,600,000 Common Shares or
approximately 46.2% of the outstanding Common Shares on a partially-diluted
basis.


The board of directors of the Company reviewed the Financing and considered it
to be in the best interests of the Company. All the directors approved the
transaction as the board considers the nominee appointed to the board by NAMF to
be an independent member of the board. 


The securities issued are subject to a hold period expiring May 10, 2014 in
accordance with the rules and policies of the TSX Venture Exchange and
applicable Canadian securities laws and such further restrictions as may apply
under foreign securities laws. 


The net proceeds of the Offering will be used by the Company to fund ongoing
exploration costs on its properties in Tanzania and for working capital
purposes. The Offering remains subject to the final approval of the TSX Venture
Exchange.


About New Africa Mining Fund II 

The New Africa Mining Fund II is a junior mining venture capital fund which
provides capital for early to later stage exploration and mining development
projects in all minerals except diamonds and uranium, throughout Africa. NAMF
adheres to the common standards and investment practices which have been
developed and successfully followed by Private Equity investment firms in other
markets. Such practices include due diligence, strict attention to corporate
governance and sustainable development policies and a disciplined approach to
timely investment realization.


About Tembo Gold Corp.

Tembo is a Canadian publicly-listed mineral exploration company with a 100%
interest in the Tembo Gold Project which is located adjacent to African
Barrick's Bulyanhulu Gold Mine in the prolific Lake Victoria Greenstone belt in
Tanzania. Tembo's focus is the discovery and development of gold projects in
Africa. The Company's exploration strategy is to discover mineral resources as
well as continue to look for additional opportunities that can bring value to
the Company and shareholders.


On Behalf of the Board of Directors of Tembo,

David Scott, President & CEO 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE


Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking
information. Forward looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate; "plan", "continue; "estimate;
"expect", "may, "will", "intend", "could", "might", "should", "believe" and
similar expressions. In particular, this news release contains forward-looking
statements in respect of the use of the net proceeds from the Offering and
listing of the common shares of the Company issuable under the Offering on the
TSX Venture Exchange. Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date of such
statements and, in certain cases, information provided or disseminated by third
parties. Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, and that
information obtained from third party sources is reliable, they can give no
assurance that those expectations will prove to have been correct. Readers are
cautioned not to place undue reliance on forward-looking statements. Tembo
undertakes no reasonability to update forward-looking information except as
required by applicable securities laws. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Tembo Gold Corp.
Marc Cernovitch
Director & VP Business Development
416.619.9010
mcernovitch@tembogold.com
Tembo Gold (TSXV:TEM)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024